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FutureStarrNews About Bank of America
Bank of America is one of the four largest banks in America and also holds a leading position in global banking and markets.
In 2008, it acquired Merrill Lynch. This transaction expanded their global corporate and investment banking operations, giving them access to equity-based capital markets services such as mergers, acquisitions and valuations.
Bank of America has a long and storied history, having become one of the largest banks worldwide. It provides personal and business banking products and services, as well as investment banking and insurance solutions.
The company operates five primary business units: Consumer Banking, Global Wealth & Investment Management, Global Markets, Global Commercial Banking and Business Banking. Furthermore, Merrill Lynch and U.S. Trust operate as subsidiary firms providing asset management and trust services to clients respectively.
Bank of America boasts 4,600 banking centers and 15,900 ATMs across the United States, as well as an impressive digital footprint through its popular mobile app and online banking platform.
Bank of America's corporate mission is rooted in the idea that by connecting people and communities, it can make financial lives better. This commitment includes creating sustainable growth through responsible lending and investments, as well as providing customers with essential resources to succeed.
This is accomplished through the company's expansive branch network, which boasts thousands of locations in both the United States and more than 40 other countries around the world. Additionally, it ranks as the second-largest bank by total assets within America after JPMorgan Chase (NYSE: JPM).
In 2007, Bank of America purchased Countrywide Financial, which had a large mortgage lending business. This acquisition proved controversial given the 2008/2009 financial crisis that had hit U.S. mortgage markets; nevertheless, it marked an important step forward for Bank of America.
Furthermore, this acquisition marked the first time a major American bank had acquired an established national bank outside its domestic market. After closing on their purchase, Bank of America entered interstate banking and became a full-service national bank.
The bank is the leading credit card issuer in America, boasting over 67 million customer relationships worldwide. Furthermore, it is one of the top providers of online banking services within America.
The company's assets include residential and commercial real estate, securities, mortgage-related loans, cash, deposits and investments in companies and partnerships. Its shares trade on the New York Stock Exchange and NYSE Euronext.
Bank of America is a financial services provider that offers various banking, investing and other related products and services. Their offerings include lending, deposit banking, investment management, consumer and commercial finance as well as mortgage financing.
The company is headquartered in Charlotte, North Carolina and serves customers around the world. With operations across all 50 United States and over 3,900 retail financial centers located nationwide - many of them in major metropolitan areas - the company boasts a presence that cannot be beat.
It has over 16,000 ATMs throughout the US and offers a selection of mobile banking applications. Its customer base consists largely of small to mid-market businesses, large corporations and individuals who utilize its financial services.
Bank of America holds the majority market share for mortgage lending and credit card sales in America, offering cards with low monthly fees in various varieties.
Bank of America's main office is in Charlotte, North Carolina where it is the largest bank by assets in America. Additionally, it has an expansive branch network in Boston and other U.S. cities.
As of March 2012, Bank of America boasts over 67 million consumer and business customers. It is a leader in wealth management, corporate banking, investment banking and trading activities.
In addition to traditional banking, the company provides an online platform called "Online Services." This virtual banking solution enables clients to access their accounts remotely. Anyone with internet access and a computer can take advantage of this virtual banking option.
Another viable choice is its ACH bank transfer system. This can be utilized to move money between different accounts, such as from a savings account to an investment account, without incurring fees. It's ideal for those who want to minimize costs.
The bank's website also provides Investing for Every Budget, designed to help people save money and make it last longer. It includes a calculator that can help determine how much money should go into an IRA account, retirement account or annuity.
Bank of America is proud to be a member of the Global ATM Alliance, allowing travelers to easily withdraw money from foreign banks without incurring fees. This convenience makes Bank of America's international withdrawal capabilities ideal for frequent travelers who require money withdrawals abroad.
The Global ATM Alliance is a collaboration of some of the world's largest banks that has come together to reduce international access fees for their account holders. Members include Bank of America, Barclays, BNP Paribas, Deutsche Bank, Scotiabank and Westpac.
When using an ATM that's part of the Global ATM Alliance, you won't have to pay any of the usual fees associated with international transactions. This applies for withdrawals, transfers and balance inquiries at non-Bank of America ATMs abroad as well as within U.S. territories; however, in order to take advantage of this benefit while abroad, you must visit either a Global ATM Alliance member or other partner establishment.
However, you should still be aware of your bank's international ATM fees. These could include the foreign transaction fee, currency conversion fee or other charges that the institution may levy.
Withdrawing large sums of cash when traveling internationally can cost up to several dollars. Furthermore, knowing the real exchange rate for your destination country helps you avoid paying additional fees due to an inaccurate exchange rate.
If you're looking to reduce international ATM fees, consult your bank's Personal Schedule of Fees for more details. Alternatively, download the BankSA mobile app to locate Global ATM Alliance and other partner ATMs near you.
Banks involved in the Global ATM Alliance provide their customers with a range of benefits. In addition to saving customers money on ATM fees, they also offer rewards programs and discounts on credit cards and other financial services.
Bank of America Preferred Rewards program goes beyond simply earning cash back for everyday spending; it provides members with bonuses that boost savings and investments. Members who commit to saving can take advantage of a 20 percent interest rate booster on savings accounts as well as discounted rates on home equity lines of credit and auto loans.
The S&P 500 is a stock market index composed of the 500 largest companies listed on the New York Stock Exchange (NYSE). It serves as an important gauge for market performance. Investors find the S&P 500 to be beneficial, since it gives them exposure to some of America's most successful and prominent firms.
Bank of America, a member of the S&P 500, offers a variety of banking services to both individuals and businesses alike. Its products include checking and savings accounts, mortgage loans, credit cards, investment services through Merrill Lynch; plus it operates financial centers and ATMs in over 50 states as well as 40 other countries around the world.
The bank's Global Corporate and Investment Banking (GCIB) division offers mergers and acquisitions advisory, underwriting, capital markets, sales & trading in fixed income and equities markets, as well as wealth management. Furthermore, it boasts one of the largest research teams on Wall Street.
Bank of America stocks can be found on several exchanges, such as NYSE and NASDAQ. Furthermore, investors have the option to invest in exchange traded funds (ETFs) that track the S&P 500 index.
Investing in stocks of major banks can be a great way to gain exposure to this industry, but it's essential to comprehend the distinctions between large, megacap banks and smaller regional players. While the biggest banks have plenty of money and are considered too big to fail, smaller regional ones may experience greater financial difficulties.
Bank of America recently conducted an analysis of the S&P 500 index, finding that if the top 50 stocks return to their pre-market levels, valuations on the remaining 450 would remain at historical levels. However, if these 50 still crowded megacaps experience profits erosion, this could cause an S&P 500 decline of around 25% by 2023.
Bank of America's shares trade on the New York Stock Exchange under the symbol "BAC". It is currently the fourth largest banking company in terms of assets in America and has seen its stock price increase by more than 100% over the last decade; analysts anticipate further gains going forward.